NEW YORK, NY -- (Marketwire) -- 06/22/12 -- Despite the recent economic turmoil in Europe, the Biotech Industry has been home to some of the strongest performers in the market in 2012. The SPDR S&P Biotech ETF (XBI) and the First Trust NYSE Arca Biotech Index ETF (FBT) year-to-date are up 28 percent and 34 percent, respectively. As the world continues to face evolving health challenges the discoveries of new therapeutics and vaccines are critical. Five Star Equities examines the outlook for companies in the Biotech Industry and provides equity research on Idenix Pharmaceuticals, Inc. (NASDAQ: IDIX) and Human Genome Sciences (NASDAQ: HGSI).
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After cutting research costs by 21 percent in 2009, the Biotech Industry has seen R&D spending jump 9 percent in 2011, after a 2 percent increase in 2010 according to Ernst & Young's annual biotechnology report. 62 percent of public U.S. biotech companies have increased R&D spending in 2011.
"Companies that were in deep cost-cutting mode in 2009 and cautiously optimistic in 2010 may have become somewhat more willing to loosen their purse strings in 2011," wrote Glen Giovannetti and Gautam Jaggi, the report authors. "The financial performance of publicly traded companies is more robust than at any time since the onset of the global financial crisis."
Five Star Equities releases regular market updates on companies in the Biotech Industry so investors can stay ahead of the crowd and make the best investment decisions to maximize their returns. Take a few minutes to register with us free at www.FiveStarEquities.com and get exclusive access to our numerous stock reports and industry newsletters.
Idenix Pharmaceuticals is a biopharmaceutical company engaged in the discovery and development of drugs for the treatment of human viral diseases. Idenix's current focus is on the treatment of patients with the Hepatitis C virus. Shares of the company soared over 14 percent Wednesday after the company announced positive clinical data for their HCV drug candidates IDX184 and IDX719.
Human Genome Sciences recently announced a bid date of July 16, 2012 for the submission of definitive proposals to acquire all outstanding common shares of HGS. The company's Board of Directors has previously rejected a $13.00 per share proposal from pharmaceutical giant GlaxoSmithKline.
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